XRP’s price ended up surging by 3.58% on Tuesday but the movement didn’t help it much. This is because a day back, XRP’s price had sunk by 5.68% and it went down to $0.4372. The reason behind the rise and fall of XRP is the competition between Ripple and the US SEC.
The recent weeks have proven to be quite pivotal for both sides. Both sides seem to be gaining strength against each other but the matter doesn’t seem to be coming to a close.
The Ripple and SEC Battle
Despite both sides staying strong in their battle, it is XRP that has earned a little more trust from its investors. The developments due to the rulings, and the court motions in the recent sessions seem to have worked in favor of XRP.
Although small the support XRP has gained for its price holds a lot of significance. It also shows that the investors haven’t lost faith in XRP and they are still investing in the digital asset.
The last time XRP faced the resistance was on May 15, when its price reached $0.45. The peak price it exhibited on May 15 was $0.449. However, its price ended up pulling back and by the end of the day, its price had reverted to $0.42.
Where Does SEC Stand?
Ever since the beginning of the case in December of 2020, Ripple has continued bringing in many motions to its side. Still, the US SEC is not ready to give up as it is also well-prepared to take the court battle to any level.
The latest development in the Ripple-SEC battle is the statement made by William Hinman in 2018 surrounding Bitcoin and Ethereum.
William Hinman was the former Securities and Commission Director. Back in 2018, Hinman made a speech about the nature of Bitcoin and Ethereum. He had mentioned that the two largest cryptocurrencies were not to be treated as securities. Now, the SEC is using the speech and all the emails/documents confirming their claim.
Ripple’s Reply to SEC about Hinman’s Speech
It was last week when Ripple’s legal team crafted a well-thought reply against the speech made by William Hinman. The reply from the legal team did help XRP experience growth but it wasn’t promising enough.
Although neither of the sides has been announced victorious, still, it is Ripple that had more motions filed in its favor.
Price Action of XRP
According to the price report, XRP’s value is at $0.4274 having experienced a 2.24% plunge. Still, it seems XRP may continue elevating higher, hitting its first resistance price at $0.4454 and then going on to hitting $0.4538.